If you want to avoid giving too much to your creditor, simply refuse to pay towards unfairly huge interest rates. It is important to know the terms of your original agreement for the debt you incurred. Usually if you agreed to the terms the terms will be upheld as legal. If you believe the charges are excessive and your debtor will not negotiate down the interest and other additional charges, state laws might provide you with additional avenues to pursue a reduction in these charges. Federal law provides that when you are billed by a collection company the fees and interest cannot exceed the amount of the original debt. Although, in reality, you did agree in advance to pay any interest charges incurred. You can consider suing your creditors if the interest rates are outrageously high.
Always do research before contracting a credit counselor. While some counselors are legitimate, offering genuinely helpful services, others have ulterior motives. Some are not legitimate. Intelligent customers will make sure to determine the legitimacy of a credit counseling agency before acquiring their services.
The higher your credit score, the lower the interest rate that you can obtain will be. This allows you to eliminate debt by making monthly payments more manageable. Getting better interest rates leads to an easily maintainable good credit score.
Nursing your credit back to good health is not as hard as it looks at first, especially when you are willing to make a persistent effort and listen to good advice. Use the information gleaned from this article to fix your credit and improve your life.
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